Capabilities

Capital Markets

Overview

Our Capital Markets practice group has represented issuers, principal advisers, underwriters and trustees on full range of capital markets transactions in various industries such as insurance, banks and financial institutions, telecommunications, oil and gas, manufacturing, healthcare, real estate and education.

We have been involved in some of the most significant capital markets transactions in Malaysia.

Areas of Practice

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Acquisition and leveraged finance
Secondary fundraising (e.g. rights issues and placements)
Other fund-raising exercises such as corporate securities (shares, warrants, options, preference shares) and hybrid securities such as loan stocks and other instruments
Restructuring
Continuing listing requirements, including related party transactions, employee share option schemes, long-term incentive plan
Privatisations
Takeovers (mandatory, voluntary and selective capital reduction)
Sukuk issuance
Medium Term Notes Programme
Commercial Papers Programme
Bonds Issuance
Foreign Issuances
Asset-Backed Securitisation
Tier 1 and Tier 2 Bank Capital Issuances
Perpetual Sukuk/bonds
Get Consult
Get Consult
Acquisition and leveraged finance
Secondary fundraising (e.g. rights issues and placements)
Other fund-raising exercises such as corporate securities (shares, warrants, options, preference shares) and hybrid securities such as loan stocks and other instruments
Restructuring
Continuing listing requirements, including related party transactions, employee share option schemes, long-term incentive plan
Privatisations
Takeovers (mandatory, voluntary and selective capital reduction)
Sukuk issuance
Medium Term Notes Programme
Commercial Papers Programme
Bonds Issuance
Foreign Issuances
Asset-Backed Securitisation
Tier 1 and Tier 2 Bank Capital Issuances
Perpetual Sukuk/bonds
Get Consult

Key Experience

  • Advised on initial public offerings of Maxis Berhad, 7-Eleven Malaysia Holdings Berhad, Astro Malaysia Holdings Berhad, UMW Oil & Gas Corporation Berhad, Bumi Armada Berhad, Hap Seng Plantations Holding Berhad and Red Sena Berhad
  • Advised shareholders and public listed companies on its private placements
  • Advised a Hong Kong listed foreign corporation in its mandatory general offer to acquire all the remaining shares of a public listed company not already owned by the foreign corporation and persons acting in concert
  • Advised the single largest shareholder of a public listed company on a shareholders’ agreement with a private equity fund (which acquired shares in that public listed company) resulting in a mandatory general offer (“MGO”) being triggered. Advised the shareholder in the MGO
  • Advised a few entities (foreign and local) in the general offer (whether mandatory, voluntary or by selective capital reduction)
  • Advised a public listed company on its selective capital reduction and repayment exercise
  • Acted for the lead arranger for the Merdeka ASEAN Green SRI Sukuk of MYR2.0 Billion and Sukuk of MYR3.65 Billion established by PNB Merdeka Ventures Sdn Bhd, a wholly owned subsidiary of Permodalan Nasional Berhad (“PNB”), for purposes of financing part of the construction of the Warisan Merdeka project in the historic Stadium Merdeka and Stadium Negara enclave. The Merdeka ASEAN Green SRI Sukuk Programme is the first in Malaysia to adopt the ASEAN Green Bond Standards and also complies with the requirements of the sustainable responsible investment (SRI) Sukuk under the Malaysian Launch and Lodge Framework. It won Debt Market Deal of the Year (Premium) 2018 - ALB Malaysia Law Awards - Asian Legal Business
  • Acted for Genting Berhad for an issuance of U.S.$1.0 Billion 4.25 per cent. guaranteed notes by Genting Berhad’s indirect wholly-owned subsidiary, GOHL Capital Limited which is offered entirely offshore and outside the United States of America in reliance on Regulation S under the United States Securities Act of 1933.
  • Acted for financiers for a multicurrency Sukuk Murabahah Programme of up to MYR7.0 Billion (and equivalent in USD) established by Sapura TMC Sdn Bhd, a wholly owned subsidiary of Sapura Energy Berhad. The first issuance under the Multi-Currency Sukuk Murabahah Programme is also the first unrated USD Sukuk to be raised onshore. It was awarded the prestigious Emas Sukuk by the Central Bank of Malaysia.
  • Advised on initial public offerings of Maxis Berhad, 7-Eleven Malaysia Holdings Berhad, Astro Malaysia Holdings Berhad, UMW Oil & Gas Corporation Berhad, Bumi Armada Berhad, Hap Seng Plantations Holding Berhad and Red Sena Berhad
  • Advised shareholders and public listed companies on its private placements
  • Advised a Hong Kong listed foreign corporation in its mandatory general offer to acquire all the remaining shares of a public listed company not already owned by the foreign corporation and persons acting in concert
  • Advised the single largest shareholder of a public listed company on a shareholders’ agreement with a private equity fund (which acquired shares in that public listed company) resulting in a mandatory general offer (“MGO”) being triggered. Advised the shareholder in the MGO
  • Advised a few entities (foreign and local) in the general offer (whether mandatory, voluntary or by selective capital reduction)
  • Advised a public listed company on its selective capital reduction and repayment exercise
  • Acted for the lead arranger for the Merdeka ASEAN Green SRI Sukuk of MYR2.0 Billion and Sukuk of MYR3.65 Billion established by PNB Merdeka Ventures Sdn Bhd, a wholly owned subsidiary of Permodalan Nasional Berhad (“PNB”), for purposes of financing part of the construction of the Warisan Merdeka project in the historic Stadium Merdeka and Stadium Negara enclave. The Merdeka ASEAN Green SRI Sukuk Programme is the first in Malaysia to adopt the ASEAN Green Bond Standards and also complies with the requirements of the sustainable responsible investment (SRI) Sukuk under the Malaysian Launch and Lodge Framework. It won Debt Market Deal of the Year (Premium) 2018 - ALB Malaysia Law Awards - Asian Legal Business
  • Acted for Genting Berhad for an issuance of U.S.$1.0 Billion 4.25 per cent. guaranteed notes by Genting Berhad’s indirect wholly-owned subsidiary, GOHL Capital Limited which is offered entirely offshore and outside the United States of America in reliance on Regulation S under the United States Securities Act of 1933.
  • Acted for financiers for a multicurrency Sukuk Murabahah Programme of up to MYR7.0 Billion (and equivalent in USD) established by Sapura TMC Sdn Bhd, a wholly owned subsidiary of Sapura Energy Berhad. The first issuance under the Multi-Currency Sukuk Murabahah Programme is also the first unrated USD Sukuk to be raised onshore. It was awarded the prestigious Emas Sukuk by the Central Bank of Malaysia.

Recognition

Islamic Finance Law Firm of the Year

ALB Malaysia Law Awards 2020 – Asian Legal Business

Debt Market Deal of the Year (Premium) 2018

ALB Malaysia Law Awards 2018– Asian Legal Business

Asia Deals of the Year 2017

Asia Business Law Journal

Chambers Asia Pacific 2024

Band 1 for Debt Capital Markets

Asialaw Profiles 2024

Outstanding for Capital Markets

Legal 500 Asia Pacific 2024

Tier 1 for Capital Markets

IFLR1000 2024

Tier 1 for Debt Capital Markets and Tier 2 for Equity Capital Markets

Islamic Finance Law Firm of the Year

ALB Malaysia Law Awards 2020 – Asian Legal Business

Debt Market Deal of the Year (Premium) 2018

ALB Malaysia Law Awards 2018– Asian Legal Business

Asia Deals of the Year 2017

Asia Business Law Journal

Chambers Asia Pacific 2024

Band 1 for Debt Capital Markets

Asialaw Profiles 2024

Outstanding for Capital Markets

Legal 500 Asia Pacific 2024

Tier 1 for Capital Markets

IFLR1000 2024

Tier 1 for Debt Capital Markets and Tier 2 for Equity Capital Markets

Consult with Our Experienced Practice Leaders

Cathryn F L Chay

Chin Lit Fwu

Loh Mei Mei

Kung Suan Im

Ashela Ramaya

Celine Rangithan

Jayden Chuah Jer Yang

Cathryn F L Chay

Chin Lit Fwu

Loh Mei Mei

Kung Suan Im

Ashela Ramaya

Celine Rangithan

Jayden Chuah Jer Yang

“They complete the transaction efficiently and effectively. Always deliver high quality standard work and are very professional. Deliver responses swiftly and within expectations.”

Asialaw Profiles 2023

“Dedicated and proficient in handling the deal.”

 Legal 500 Asia Pacific 2023

“I find the service and quality from Zul Rafique & Partners to be excellent. They can sort out tricky issues and will go way beyond."

Chambers Asia Pacific 2023: Banking & Finance

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